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Todd and Margo are seeking a divorce and no longer live together. Margo has offered to pay Todd $42,000 per year for five years if Margo receives sole title to the art collection. This collection cost them $100,000 but is now worth $360,000. All other property is to be divided equally.
a) If Margo's payments cease in the event of Todd's death, how are the payments treated for tax purposes?
b) How much of the gain would be taxed to Todd if Margo sells the art at the end of five years?
c) Compute the tax cost (benefit) to Todd (Margo) if the payments qualify as alimony. Assume that Todd (Margo) has a marginal tax rate of 15 percent (35 percent), and ignore the time value of money.
d) How much more over the five-year period should Todd demand in order to agree to al1ow the payments to cease in the event of his death? (How much more will make him indifferent between receiving $42,000 a year in no alimony payments and receiving higher payments that are considered to be alimony?)
How many shares will Art and Bob each own by attribution - What would result to Bob if Phoenix redeems 10,000 of Bob's shares for $200,000? What is the minimum number of shares that Bob must have redeemed to ensure sale or exchange treatment?
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in 2012 micah johnson ssn 000-22-1111 incurs the following unreimbursed employeebusiness expensesairplane and taxi
It is now December of the current year, and Clark is deciding whether or not he should sell the stock. What tax and nontax factors should Clark consider before making the decision on whether to sell the stock now?
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The taxable value of fringe benefits provided by XYZ Ltd to its employees for the current FBT year is: Cars - $32,000; input tax credits are available for GST purposes Loans - $6000; no GST has been paid External expense payments
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